Business, Legal & Accounting Glossary
A provision in a contract stating that some or all of the terms of the contract will be altered or voided by the occurrence of a specific event. For example, a contingency in a contract for the purchase of a house might state that if the buyer does not approve the inspection report of the physical condition of the property, the buyer does not have to complete the purchase.
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This glossary post was last updated: 22nd April, 2020 | 1 Views.